UST, a leading digital transformation solutions company, has announced its role as an Innovation vendor for Project Rosalind, an experiment in API prototypes for central bank digital currencies (CBDC) from the Bank for International Settlements (BIS) and the Bank of England (BOE). The collaboration between UST, BIS, and BOE aimed to develop and test prototypes for an API specifically built to distribute retail CBDCs.

The project successfully developed a prototype API layer with thirty-three API endpoints grouped into six functional categories. Over thirty use cases were identified and explored by public and private sector collaborators, serving as testing and validation for the architecture and features of the APIs. The collaboration demonstrated that API layers can be used by central banks to safely distribute CBDC to consumers via private sector service providers while enhancing privacy, accountability, and convertibility.

UST played a pivotal role in organizing the API development work and building a secure and functional API layer. The company also partnered with Quant, a blockchain for finance pioneer, to provide the underlying infrastructure and blockchain platform for the project.

Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre, highlighted the advancements made by the Rosalind experiment in exploring the potential of an API layer to support a retail CBDC system and facilitate safe and secure CBDC payments through various use cases. Krishna Sudheendra, CEO of UST, expressed pride in the collaboration and its focus on transforming lives through public-private collaboration and innovation.

The BIS Innovation Hub London Centre, established in 2021, aims to develop public goods in the technology space to support central banks and improve the functioning of the financial system.

UST’s involvement in Project Rosalind is just one of its many collaborations that drive digital transformation. The company has over 23 years of experience in partnering with clients to deliver innovative solutions across various industries.

For more information on UST and its work, please visit their website.